Goodier Smith and Watts

Devonshire House
Manor Way, Borehamwood
Hertfordshire, WD6 1QQ

Search News


Using software to make Income Tax updates

Source: HM Revenue & Customs | | 06/11/2018

The introduction of Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. The new regime will require businesses and individuals to register, file, pay and update their information using a new online tax account.

The new regime is due to start in April 2019 for VAT purposes only, when some 1 million businesses with a turnover above the VAT threshold will be required to keep their records digitally and provide their VAT return information to HMRC using MTD compatible software.

HMRC is also allowing a number of taxpayers and agents to use software to make Income Tax updates. This is part of a live pilot to test and develop the MTD service for Income Tax. As part of the MTD pilot taxpayers (or their agents) may be able to send Income Tax updates to HMRC on using software, instead of filing a Self Assessment tax return.

The introduction of MTD was first announced as part of the March 2015 Budget measures, and will ultimately see HMRC move to a fully digital tax system. An official launch date for the MTD service for Income Tax has yet to be announced, but it is unlikely to be before April 2020.



 

Latest News

More about Debt Relief Orders
23/04/2019 - More...
Last week we posted that it is over 10 years since Debt Relief Orders (DROs) were first introduced in April 2009. This

Maternity pay explained
23/04/2019 - More...
How much maternity leave can you take? If you work as an employee and become pregnant you are eligible to take up to 52

How to register as self-employed
23/04/2019 - More...
Are you self-employed? HMRC’s guidance says that you are probably self-employed if you: run your business for

Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the Newsletter
» Login

 

 

ICAEW-BLK RGB  

 

Save

Save

Copyright © 2019 - Goodier, Smith and Watts

Cookie Policy | Website Privacy Policy                                                                                                                                                                                                                                                         

Registered in England under the number 3724657